28
May
Gold a ‘Good Choice’ for Yuan Internationalization
28 May 2010 Business Week
China’s trading in yuan-denominated gold investment products boosts the internationalization of the currency and the country should development more of them, an official from the central bank said.
“A currency’s international status depends on its being accepted in trade and settlement and having certain international commodities denominated in that currency helps China’s goal to internationalize the yuan,” said Wang Zhenying, deputy director-general of the Department of Financial Market Management at the People’s Bank of China Shanghai office. “Gold is a good choice to have yuan trading.”
